Bonds OK?
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
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face=”Arial, Helvetica”>For those of you planning to attend
the TradingMarkets2000 First Annual Traders Conference at
the Venetian Resort, Hotel & Casino in Las Vegas on
October 13-15, I’ll be speaking on Saturday afternoon
following Jay Leno. I’ll also be at the cocktail party
Friday night. Sign up soon, as space is limited.
October heating oil
(
HOV0 |
Quote |
Chart |
News |
PowerRating) is forming a high
level triangle and looks poised to break higher. Look for a buying opportunity
here, but use caution as this market will likely continue to be volatile.
width=”470″ height=”320″>
February bellies
(
PBG1 |
Quote |
Chart |
News |
PowerRating), mentioned Tuesday night, still
look vulnerable. Continue to look for a shorting opportunity here. Ditto for
October lean hogs
(
LHV0 |
Quote |
Chart |
News |
PowerRating).
Although December bonds
(
USZ0 |
Quote |
Chart |
News |
PowerRating) were down on Tuesday, I’m not so sure I’d count them out just yet.
This is especially true when you consider that the stock market is
vulnerable at this juncture. Look for a buying opportunity here, but wait for
continuation to the upside before attempting an entry.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!